Caesars Entertainment under investigation for alleged anti-money laundering compliance failures

Anti-money laundering investigation Caesars Entertainment Corp. said today that FinCEN is investigating it for potential violations of the Bank Secrecy Act over anti-money laundering compliance issues. The statement was made in its filings with the Securities Exchange Commission. According to the statement, FinCEN is considering whether to assess a civil penalty or take enforcement action. […]

Part 1 – How casino junkets work in VIP gambling rooms, luring in whale gamblers from China and how Macau junkets are trying to polish their image

This article was originally published in Asia Gambling Brief.  Macau junket operators of casino VIP rooms working on image Some of Macau’s biggest junket operators — also known as VIP gambling promoters — are planning to exhibit at next month’s Macau Gaming Show in a sign this integral part of the local gaming scene is […]

U.S. Congressional Commission Report urges Macau to implement anti-money laundering controls

2013 Annual Report In its 2013 Annual Report, a U.S. Congressional Executive Commission has urged Macau to develop law enforcement mechanisms to combat money laundering at its casinos. The Congressional members found that the gambling industry in Macau was reportedly tied to widespread corruption and the laundering of large amounts of money out of Mainland […]

Vietnam implements anti-money laundering decree

Response to FATF blacklisting Following years of pressure, the Socialist Republic of Vietnam has implemented anti-money laundering legislation which took effect on Friday. The move was in response to the blacklisting of Vietnam  in June by the Financial Action Task Force (“FATF“) for  lax anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. 14 countries […]

Las Vegas Sands agrees to pay $47 million to avoid money laundering prosecution

The U.S. Department of Justice (“DOJ“) announced that it has resolved its money laundering investigation into the Las Vegas Sands Corp. (“Sands”) pursuant to which Sands will pay US$47 million to avoid criminal prosecution in connection with funds gambled by high rollers at its Venetian casino in Las Vegas. The DOJ was investigating Sands for failure to […]

Junket operators in Macau branching out in effort to improve reputation and diversify business but financial crime concerns remain

Junkets branching out According to this article by Reuters, traditional junket operators (also known as VIP gaming promoters) in Macau are branching out to diversify their businesses and improve their reputation. The largest junket operator, Suncity Group, is planning to open its own casino and has expanded into mining and iron ore operations in Indonesia. […]

Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report

The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and […]

European Commission adopts proposals for 4th anti-money laundering directive

The European Commission today adopted two new anti-money laundering directives; the first, a proposal for a Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the “4th AML Directive”), and the second, a proposal for a […]

Canadian pleads guilty to money laundering in US over online gambling

Nelson Burtnick, the Canadian executive who was indicted for money laundering in April 2011 in connection with his role operating the Full Tilt Poker gambling website, pleaded guilty to money laundering today. He was indicted, along with several others, for money laundering, bank fraud, and illegal gambling for disguising payments from U.S. gamblers as payments […]

Uncertainty over recovery of seized funds from PokerStars, Absolute Poker and Full Tilt Poker

The news on Friday that the U.S. had indicted 11 individuals associated with the operation of the Internet gambling sites PokerStars, Full Tilt Poker and Absolute Poker for violations of U.S. gambling and anti-money laundering laws and bank fraud, has raised questions about the future of the funds held by those entities on behalf of […]